You’ve just described the same thing twice. You have a model for how to value a company, and you look for examples of market inefficiencies. Buffet/Munger initi

You’ve just described the same thing twice. You have a model for how to value a company, and you look for examples of market inefficiencies. Buffet/Munger initially took advantage of the fact that there used to be much more opportunity to find these inefficiencies, because information was used much more inefficiently (via mountains of paper records). That’s not the case any more with huge amounts of digital information available along with the technology to process it as quickly as it becomes available.